Block chain (Blockchain) is an important concept of COINS, block chain is a series of associated with the use of cryptography method produce data blocks, each block contains all the currency over the past ten minutes online trading information, are used to verify the validity of the information (security), and generate the next block.
The concept is proposed in the white paper of satoshi nakamoto, which holds the first block, the "creation block".
The latest technology application of blockchain: the bitcoin technology, which emerged in 2008, provides a decentralized, no-trust credit establishment paradigm.
Nature is decentralized and Block chain technology in a distributed structure of data storage, transmission and prove the method, the data Block (Block) to replace the current Internet reliance on a central server, gives the all data changes or project are recorded on a cloud system, in theory to realize the data transmission of the data to prove itself, far-reaching, it transcends the traditional and conventional sense depends on the center of information paradigm, reducing the costs of the establishment of the global "credit", the point-to-point validation will produce a "basic agreement", is a new form of distributed artificial intelligence, will build the human intelligence and machine intelligence new interfaces and Shared interface.
The function of the bitcoin wallet relies on the confirmation of the block chain, and an effective test is called a confirmation.
Usually a transaction is subject to several confirmations.
The lightweight (SPV) bitcoin wallet, whose clients can only store data related to the user's disposable transactions locally, does not store the full block chain.
Block chain technology is the core of many cryptographic digital currencies, including bitcoins, etheric square, Wright COINS, dog COINS, etc.
In order to maintain the block chain, it has the workload to prove that POW (proof-of-work), proof of proof of interest (proof of stake), authorization certificate mechanism DPOS (Delegated proof-of-stake), Pool verification Pool, Ripple consensus mechanism, etc.
At present, people are exploring a more decentralised system of rotating witnesses.